AllanGray Global Equity USD 20170619 · Presentation Allan Gray Offshore Fund Provider Workshops...

Presentation

Allan Gray Offshore Fund Provider Workshops

E-9577-073015-092811 |

James RushmereDodge & Cox Worldwide Investments Ltd. 6 Duke Street, St. James’sLondon SW1Y 6BN+44 (0) 20 3713 7664+44 (0) 20 3713 7659 (fax)www.dodgeandcoxworldwide.com

I. Dodge & Cox Overview

II. Global Stock Fund Overview

III. Supplemental Exhibits

IV. Biographical Sketches

June 2017

These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered asolicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments Ltd. and its affiliates to provide any services in anyjurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments Ltd. and its affiliates and are not intended as a forecast or guarantee of future results for anyproduct or service. While every effort is made to ensure accuracy, no representation is made that all information in this presentation is accurate or complete. Neither the information nor any opinionexpressed in this presentation constitutes an offer to buy or sell the securities mentioned. This information is the confidential and proprietary product of Dodge & Cox Worldwide Investments Ltd. Anyunauthorized use, reproduction, or disclosure is strictly prohibited. This document is not for public distribution. Dodge & Cox Worldwide Investments Ltd. is authorised and regulated by the FinancialConduct Authority | Company Number 7019186.

DODGE & COX WORLDWIDE INVESTMENTS | LONDON

Dodge & Cox Worldwide Funds

These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only. To the extent that these materials are circulated in any jurisdiction outside the United States, it is intended that they be circulated only to persons to whom they may lawfully be distributed and any recipient of these materials should inform themselves about and observe any applicable legal requirements. Persons who do not fall within such descriptions may not act upon the information contained in these materials.

The information presented in these materials is believed to be materially correct as at the date hereof, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information.

Nothing set out in these materials is or shall be relied upon as a promise or representation as to the future.

The manager referred to in these materials means a U.S.-based investment adviser registered with the U.S. Securities and Exchange Commission who has not represented and will not represent that it is otherwise registered with any other regulator or regulatory body.

This document is not a prospectus and does not constitute an offer to the public. No public offering or advertising of investment services or securities is intended to have taken effect through the provision of these materials.

You are required to read this document carefully and your attention is also drawn to the additional disclosures which are set out in these materials.

E-9583-073015-092811 | DODGE & COX WORLDWIDE INVESTMENTS | LONDON 1

Country-Specific Disclosures

Each of the sub-funds (each, a “Fund”) of Dodge & Cox Worldwide Funds is a Collective Investment Scheme in Securities.

Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of an investment may go down as well as up and past performance is not necessarily a guide to future performance. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available from Dodge & Cox Worldwide Funds plc. Neither the Fund nor its Investment Manager provides any guarantee with respect to the capital or the return of a portfolio. Dodge & Cox Worldwide Funds plc is authorised in Ireland and regulated by the Central Bank of Ireland. The sub-funds of Dodge & Cox Worldwide Funds plc available for public sale in South Africa are approved CIS in terms of the Collective Investment Schemes Control Act, No 45 of 2002. Dodge & Cox Worldwide Funds plc is a Member of the Association for Savings & Investment SA (ASISA).

International investments or investments in foreign securities could be accompanied by additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. Currency fluctuations may affect the value of overseas investments. When investing in a fund denominated in a foreign currency, your performance may also be affected by currency fluctuations. In emerging markets, the risks can be greater than in developed markets. Investments in derivative instruments entail specific risks that may increase the risk profile of the Fund and are more fully described in the Fund’s prospectus.

South Africa


Key Characteristics of Our Organisation

Over Eighty Years of Investment Experience

Dodge & Cox was founded in 1930 in San Francisco. We have a stable and well-qualified team of investment professionals, most of whom

have spent their entire careers at Dodge & Cox.

Independent Organisation

Ownership of Dodge & Cox is limited to active employees of the firm. Currently there are 76 shareholders and 260 total employees.

One Business

Dodge & Cox is solely in the business of investing our clients’ assets. We apply a consistent investment approach to managing equity, debt,

and balanced portfolios.

Single Research Office Location

We maintain close communication among our investment professionals by operating from one office in San Francisco.

Independent Research Staff

Thorough fundamental analysis of each investment allows us to make independent, long-term decisions for our clients’ portfolios.

31 March 2017


Dodge & Cox Assets Under Management (US $ in billions) 31 March 2017

E-9576-041117-062113 |

These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered asolicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in anyjurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any productor service. To obtain more information about the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

$289.5 in Total Assets: $172.6 in Equities / $116.9 in Fixed Income

Dodge & Cox Funds: $196.3 Billion Separate Accounts: $89.8 Billion

Global Bond Fund $119 million

Stock Fund $65.2

Balanced Fund $15.8

Income Fund$48.9

International Stock Fund $58.6

Global Stock Fund $7.7

Non-U.S. Funds (Irish UCITS): $3.4 Billion

Equity $22.4

Balanced $5.1

Other Fixed Income $12.5

Long Duration Fixed Income $21.8

Core Fixed Income $28.0

Global Stock $2.7 Billion

International Stock $72 Million

U.S. Stock $566 Million

Global Bond $56 Million

DODGE & COX WORLDWIDE INVESTMENTS | LONDON 4

Experienced and Stable Investment Team May 1, 2017

Global Industry Analysts / Years at D&C / CoverageBryan Cameron 34 SVP, Director of Research

Charles Pohl 33 Chairman and CIO

Wendell Birkhofer 30 SVP, TMT Sector Committee

Lynn Poole 30 Healthcare/Consumer Sector Committee

Diana Strandberg 29 SVP, Director of International Equity

Kevin Johnson 28 Energy/Industrials Sector Committee

Steven Cassriel 25 Energy/Industrials Sector Committee

David Hoeft 24 SVP, Assoc. Director of Research

Steven Voorhis 21 Pharmaceuticals

John Iannuccillo 20 Aerospace, Elec. Equip., Forest Products

Mario DiPrisco 19 Finance Sector Committee

Roger Kuo 19 SVP, Internet, Media

Keiko Horkan 17 Banks, Specialty/Consumer Finance

Karol Marcin 17 Insurance

Amanda Nelson 17 Electric Utilities, Pipelines

Lily Beischer 16 Cosmetics, Apparel, Retail

Richard Callister 15 Machinery, Medical Devices

Englebert Bangayan 15 Commercial Services, Oil/Oil Services

Raymond Mertens 14 Healthcare Services, Consumer

Philippe Barret, Jr. 13 Banks, Asset Managers, Brokers

Karim Fakhry 11 Biotech & Pharma, Appliances

Joel-Patrick Millsap 11 Autos, Telecom Services

Kathleen McCarthy 10 Beverages, Building Products, Tobacco

Paritosh Somani 10 IT Hardware & Services, Mining

Tae Yamaura 9 Components, Semiconductors, Japan

Arun Palakurthy 9 Electronics, Semiconductors, Telecom

Benjamin Garosi 8 Chemicals, Transportation

Salil Phadnis 6 Energy/Oil, Homebuilders, REITs, Hotels

Sophie Chen 5 Telecom Equipment, China

Robert Turley 4 Asset Allocation, Portfolio Strategy

Rameez Dossa 4 Banks, IT Software

Kevin Glowalla 4 Telecom

U.S. Equity Investment CommitteeBryan Cameron 34 David Hoeft 24Charles Pohl 33 Steven Voorhis 21 Wendell Birkhofer 30 Philippe Barret 13 Diana Strandberg 29 Kathleen McCarthy 10

Average Tenure: 24

International Equity Investment CommitteeBryan Cameron 34 Roger Kuo 19Charles Pohl 33 Keiko Horkan 17Diana Strandberg 29 Richard Callister 15Mario DiPrisco 19 Englebert Bangayan 15

Average Tenure: 23

Global Equity Investment CommitteeCharles Pohl 33 Roger Kuo 19 Diana Strandberg 29 Karol Marcin 17

David Hoeft 24 Lily Beischer 16Steven Voorhis 21 Raymond Mertens 14

Average Tenure: 22

U.S. Fixed Income Investment CommitteeDana Emery 34 James Dignan 18 Charles Pohl 33 Lucy Johns 15 Thomas Dugan 23 Adam Rubinson 15Larissa Roesch 20 Anthony Brekke 14

Average Tenure: 22

Years of experience at Dodge & Cox are updated annually in May

Global Fixed Income Investment CommitteeDana Emery 34 James Dignan 18Diana Strandberg 29 Lucy Johns 15Thomas Dugan 23 Adam Rubinson 15

Average Tenure: 22

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Fixed Income Analysts / Years at D&C / CoverageDana Emery 34 CEO, President, Director of Fixed Income

Shirlee Neil 25 Portfolio Implementation/Transitions

Thomas Dugan 23 SVP, Assoc. Director of Fixed Income

Stephanie Notowich 22 Structured Products Sector Committee

Larissa Roesch 20 Credit Sector Committee

James Dignan 18 MBS/ABS Analysis/Trading

E. Saul Peña 17 Credit Trading/Analysis

Thinh Le 16 Credit Trading/Analysis

Lucy Johns 15 Global Bonds, Credit Analysis/Trading

Jay Stock 15 Treasury/Derivatives Trading, Systems

Adam Rubinson 15 Credit Research

Damon Blechen 15 Credit Trading/Analysis, Global Bonds

Anthony Brekke 14 Credit Research

Nils Reuter 14 MBS/ABS Analysis/Trading

Kristina Sormark 13 Credit Trading/Analysis

Linda Chong 12 MBS/ABS Analysis/Trading , Global Bonds

Nicholas Lockwood 10 Munis, Treasury/Derivatives Trading

Allen Feldman 10 MBS/ABS Analysis/Trading , Systems

Michael Kiedel 9 Credit Trading/Analysis

Matthew Schefer 9 Credit Research, Global Bonds, EM

Masato Nakagawa 5 MBS/ABS Analysis/Trading

Mimi Yang 3 Macro, Currency, Global Bonds

Jose Ursua 2 Macro, Currency, Global Bonds

David Strasburg 2 Credit Research

Samir Amso 2 Global Bonds, Credit Trading/Analysis

Dustin Seely new MBS/ABS Analysis/Trading

Thomas Powers new Macro, Currency, Global Bonds

Shane Cox new Treasury/Derivatives Trading


Equity Investment Philosophy

Strategy

To build a portfolio of solid business franchises where the current market valuation does not adequately reflect the companies’ long-term

profit opportunities

Research Intensive

Ongoing analysis of each company’s valuation, growth opportunities, business strategies, and financial returns

Individual security selection

Price Discipline

Most of our holdings have below-average valuations

Long-Term View

Three- to five-year investment horizon

Historically low portfolio turnover

Analyze Portfolio Risk

Diversify portfolio across sectors

Companies with long-term “staying power”


Company Valuation

Tells us what other investors expect regarding future

profitability

Use Price-to-Earnings, Price-to-Sales, Price-to-Cash

Flow, Dividend Yield

The Perfect Story

Reality: Trade-off Between Three Factors

Internal Characteristics

Strength of franchise (how critical is the company to

its customers?)

History (culture, values, organizational structure)

Key strategies

Management capabilities

Use of cash flow

Balance sheet strength

External Environment

Economic conditions; U.S., key international

Supply/demand for industry

Competitive framework

Industry structure

Technological change

Regulatory/legal

Stock Selection Process – Three Key Factors


Investment CommitteesEquity: U.S. Equity Investment Committee International Equity Investment

Committee Global Equity Investment

Committee

Fixed Income: U.S. Fixed Income Investment

Committee Global Fixed Income Investment

Committee

Sector CommitteesEquity: Technology, Media & Telecom Health Care / Consumer Finance / REITs Industrials / Materials / Energy

Fixed Income: Credit Global Bond Macro Structured Products

Collective Judgment-Based Decisions

Construct a diversified portfolio on a bottom-up basis

Approve new investments, complete sales, adds, and trims

Monitor and evaluate portfolio holdings

Manage portfolio-level risk with a focus on avoiding permanent loss of capital

Building Investment ConvictionAnalyst-Driven Fundamental Research

Advocate investment ideas, based on individual company research and starting valuation

Develop long-term financial forecasts and analyze sources of downside protection and upside potential

Conduct ongoing due diligence with management teams and industry experts to develop a 360-degree view of opportunities and risks

Team-Based Review

Rigorously vet recommendations

Stress test assumptions and present devil’s advocacy

Identify areas for additional research and due diligence

Advise investment committees on intra-sector relative value

31 March 2017

Global Industry Analysts

Fixed Income Analysts

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The above information is not a complete analysis of every material fact concerning any market, industry, or investment. Opinions expressed are subject to change without notice. These materials areprovided solely for use in a private meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offerto purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The viewsexpressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtainmore information about the Funds, please refer to the Funds’ prospectus at www.dodgeandcoxworldwide.com.


Portfolio Structure 31 March 2017

Portfolio Characteristics Portfolio Composition (MSCI World, MSCI ACWI) by Region(d)

Portfolio Composition by Sector

Dodge & Cox Worldwide Funds – Global Stock Fund

(a)Net Cash & Other includes cash, short-term investments, receivables, and payables. (b)Price-to-earnings ratio of Dodge & Cox Global Stock Fund excludes extraordinary items and negative earnings.(c)Price-to-sales ratio excludes Financials, Real Estate, and Utilities. (d) The Fund may classify a company in a different category than the Index. The Fund usually classifies a company based on itscountry of incorporation, but may designate a different country in certain circumstances.Source: Dodge & Cox, MSCI, State Street. These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only with institutional investors.This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and itsaffiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast orguarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

United States47% (60%, 53%)

Developed Europe ex UK

22% (17%, 15%)

United Kingdom 9% (7%, 6%)

Japan 1% (8%, 8%)

Emerging Markets 17% (0%, 11%)

Other Developed 2% (8%, 7%)

Net Cash & Other2% (0%, 0%)

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Global Stock Fund

MSCI World

MSCI ACWI

Number of holdings 86 1650 2480

Price-to-earnings (forward)(b) 15.3x 16.6x 16.0x

Price-to-earnings (trailing)(b) 19.0x 22.1x 21.0x

Price-to-sales (trailing)(c) 1.5x 1.6x 1.5x

Price-to-book value (trailing) 1.8x 2.3x 2.2x

Weighted average market capitalization $97B $108 B $102 B

Median market capitalization $40B $12 B $9 B

0%

5%

10%

15%

20%

25%

30%

Financials ConsumerDiscretionary

Health Care Technology Energy Industrials TelecomServices

Materials ConsumerStaples

Real Estate Utilities Net Cash &Other (a)

Global Stock FundMSCI WorldMSCI ACWI


Fund Holdings 31 March 2017

(a)The Fund may classify a company in a different category than the Index. The Fund usually classifies a company based on its country of incorporation, but may designate a different country in certain circumstances.(b)Net Cash& Other includes cash, short-term investments, receivables, and payables. Companies in bold are Dodge & Cox Worldwide Funds - Global Stock Fund’s ten largest holdings. The above information is not a complete analysis ofevery material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information.Opinions expressed are subject to change without notice. The information provided is historical and does not predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicativeof Dodge & Cox’s current or future trading activity. The securities identified are subject to change without notice and may not represent an account’s entire holdings. These materials are provided solely for use in a private meetingand are intended for informational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or asolicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and itsaffiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

E-9592-040717-092811 |


US UK Europe Japan Other Developed EM Asia EM EMEA EM Latin AmericaConsumer Discretionary Charter Communications Liberty Global Altice Honda Motor Television Broadcasts JD.com Naspers Grupo Televisa20.0% Coach Liberty Global LiLAC BMW Yamaha Motor Mahindra & Mahindra

ComcastDISH NetworkLiberty Interactive Corp. QVC GroupPriceline GroupTargetTime WarnerTwenty-First Century Fox

Consumer Staples Wal-Mart Stores Anadolu Efes1.5% Magnit

Energy Anadarko Petroleum Saipem Suncor Energy Petrobras6.5% Apache Weatherford International

National Oilwell VarcoSchlumberger

Financials American Express Aviva Aegon ICICI Bank Itau Unibanco25.4% Bank of America Barclays Banco Santander Kasikornbank

Bank of NY Mellon Standard Chartered BNP ParibasCapital One Credit Suisse GroupCharles Schwab UniCreditGoldman SachsWells Fargo

Health Care Alnylam Pharmaceuticals AstraZeneca Bayer18.0% Anthem Medtronic

Bristol-Myers Squibb Novartis Cigna Roche HoldingExpress Scripts SanofiMerck & Co.UnitedHealth Group

Industrials FedEx Johnson Controls International4.0% Union Pacific Schneider Electric

Information Technology Alphabet TE Connectivity Baidu14.7% Cisco Systems Samsung Electronics

Dell TechnologiesHewlett Packard EnterpriseHP Inc.Juniper NetworksMicrosoftVMWare

Materials Celanese LafargeHolcim2.8% Linde

Real Estate Hang Lung Group1.0% Hang Lung Properties

Telecom Services Sprint Millicom Intl Cellular MTN Group3.6% Zayo Group Holdings

Utilities0.0%

Equity Sum = 97.5% 46.8% 8.5% 21.6% 1.5% 2.0% 8.2% 4.6% 4.3%

Net Cash & Other (b)

= 2.5%

Developed Markets(a) Emerging Markets


Above Average Growth Compounders Cyclical or Asset Play Deep Value or TurnaroundCompany is expected to grow faster than the market over the next 3 to 5 years and

its valuation is at a modest premium.

Company has strong franchise and finances, but average growth prospects.

Large operational leverage tied to the economy or value of embedded assets.

Company-specific issues not related to the economy will disappear or become

less troublesome.

Industrials & Energy Mahindra & Mahindra FedEx Anadarko Petroleum Petrobras 14.0%Johnson Controls International Apache SaipemLinde Celanese WeatherfordUnion Pacific LafargeHolcim

National Oilwell VarcoSchlumbergerSchneider ElectricSuncor

Financials Charles Schwab American Express Aviva Aegon 27.2%ICICI Bank Bank of America Banco Santander Barclays

Bank of New York Mellon Hang Lung Group BNP ParibasCapital One Financial Hang Lung Properties Credit Suisse GroupGoldman Sachs Group Standard CharteredItau Unibanco UniCreditKasikornbankWells Fargo

Technology, Media & Alphabet Charter Communications Altice Dell Technologies 35.5%Telecom Services Baidu Cisco Systems DISH Network Hewlett Packard Enterprise

JD.com Comcast HP Inc.Liberty Global Grupo Televisa SprintLiberty Global LiLac Juniper NetworksMillicom International Cellular MicrosoftNaspers MTN GroupPriceline Group TE ConnectivitySamsung Electronics Time WarnerTelevision Broadcasts Twenty-First Century FoxVMwareZayo

Health Care & Consumer Alnylam Anthem Honda Motor Coach 23.3%Anadolu Efes AstraZeneca Liberty Interactive Corp.Bristol-Myers Squibb Bayer Yamaha MotorMagnit BMWRoche Holding Cigna

Express ScriptsMedtronicMerckNovartisSanofiTargetUnitedHealthWal-Mart Stores

24.8% 45.0% 14.9% 15.4% 100.0%

Investment Hypothesis

Diversification Through Primary Hypothesis 31 March 2017

Source: FactSet. Weights exclude cash. The above is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources consideredreliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information provided ishistorical and does not predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. Thesecurities identified are subject to change without notice and may not represent an account’s entire holdings. These materials are provided solely for use in a private meeting and are intended forinformational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or asolicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox WorldwideInvestments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’prospectus at dodgeandcoxworldwide.com.



Above Average Growth Compounders Cyclical or Asset Play Deep Value or TurnaroundCompany is expected to grow faster than the market over the next 3 to 5 years and

its valuation is at a modest premium.

Company has strong franchise and finances, but average growth prospects.

Large operational leverage tied to the economy or value of embedded assets.

Company-specific issues not related to the economy will disappear or become

less troublesome.

Operational Risks Bristol-Myers Squibb American Express Liberty Interactive Corp. Coach 35.5%(Management execution or Liberty Global AstraZeneca Schneider Electric Hewlett Packard Enterprisestrategy) Liberty Global LiLac Bank of New York Mellon Sprint

Magnit BayerMillicom International Cellular Capital One FinancialRoche Holding FedExTelevision Broadcasts Grupo Televisa

Johnson Controls InternationalLindeMedtronicMerckMTN GroupNovartisSanofiTargetTE ConnectivityTime WarnerTwenty-First Century FoxWal-Mart Stores

Macroeconomic Risks Charles Schwab Bank of America Banco Santander BNP Paribas 21.5%(Housing, car sales, interest ICICI Bank BMW Celanese UniCreditrates, etc.) Mahindra & Mahindra Goldman Sachs Group Hang Lung Group

Itau Unibanco Hang Lung PropertiesUnion Pacific Honda MotorWells Fargo LafargeHolcim

Yamaha Motor

Commodity Risks Anadarko Petroleum Petrobras 6.6%(Price of oil, natural gas, paper) Apache Saipem

National Oilwell Varco WeatherfordSchlumbergerSuncor

Financial Risks Kasikornbank Altice Aegon 7.2%(Balance sheet issues, leverage, Aviva Credit Suisse Groupcredit quality, asset quality, Dell Technologiescounter party, liquidity) Standard Chartered

Technological Risks Alphabet Charter Communications DISH Network HP Inc. 21.2%(Obsolescence, franchise Baidu Cisco Systemserosion, substitution) JD.com Comcast

Naspers Juniper NetworksPriceline Group MicrosoftSamsung ElectronicsVMwareZayo

Political / Legal Risks Alnylam Anthem Barclays 8.0%(Regulatory reform, public policy Anadolu Efes Cignachange, patents, labor issues) Express Scripts

UnitedHealth

24.8% 45.0% 14.9% 15.4% 100.0%

Investment Hypothesis

Diversification Through Primary Risk 31 March 2017

Source: FactSet. Weights exclude cash. The above is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources consideredreliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information provided ishistorical and does not predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. Thesecurities identified are subject to change without notice and may not represent an account’s entire holdings. These materials are provided solely for use in a private meeting and are intended forinformational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or asolicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox WorldwideInvestments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’prospectus at dodgeandcoxworldwide.com.



7.66%

27.48%

5.76%

11.52%9.56%

6.38%

14.77%

5.52%

9.37% 8.96%6.91%

15.04%

5.08%8.37% 8.20%

0%

5%

10%

15%

20%

25%

30%

3 MonthsEnded

31/3/2017

1 Year 3 Yrs 5 Yrs SinceInception

Global Stock Fund (USD)

MSCI World Index (USD)

MSCI ACWI Index (USD)

(a)(b),(c)

YTD2010 2011 2012 2013 2014 2015 2016 2017(a)

Global Stock Fund - USD Accumulating Class 12.50% -11.56% 20.50% 32.86% 6.47% -8.43% 16.81% 7.66%(b)

MSCI World Index (USD) 11.76% -5.55% 15.84% 26.68% 4.94% -0.89% 7.51% 6.38%(c)

MSCI ACWI Index (USD) 12.67% -7.36% 16.12% 22.84% 4.15% -2.36% 7.86% 6.91%(c)

Annual Total Returns for Periods Ended 31 December

31 March 2017Performance ResultsDodge & Cox Worldwide Funds – Global Stock Fund

Average Annual Total Returns for Periods Ended 31 March 2017

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(a) Unannualized rates of return. (b) Class inception date: 1 December 2009. (c) MSCI index returns are measured from 1 December 2009.Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares aresold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly. These materials are provided solely for use in aprivate meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offer to purchase shares of Dodge& Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent theopinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtain more information about theFunds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.


Performance Results

(a)Unannualized rates of return. (b)Class inception date: 1 December 2009. (c)Class inception date: 13 February 2013. (d)Class inception date: 1 October 2010. (e)MSCI index returns are measuredfrom 1 December 2009. (f)MSCI index returns are measured from 1 October 2010. (g)Net Cash & Other includes cash, short-term investments, receivables, and payables.Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares aresold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly. These materials are provided solely for use in aprivate meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offer to purchase shares of Dodge& Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent theopinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtain more information about theFunds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.


3 MonthsEnded Since

31/12/16(a) 1 Year 3 Years 5 Years Inception

Global Stock Fund

USD Accumulating Class 6.83% 16.81% 4.43% 12.76% 8.77%(b)

Comparative IndicesMSCI World Index (in USD) 1.86% 7.51% 3.80% 10.41% 8.34%(e)

MSCI ACWI Index (in USD) 1.19% 7.86% 3.13% 9.36% 7.48%(e)

GBP Accumulating Class 12.39% 39.76% 15.23% 18.10% 13.30%(b)

GBP Distributing Class 12.38% 39.82% 15.24% N.A. 16.52%(c)

Comparative IndicesMSCI World Index (in GBP) 7.08% 28.24% 14.45% 15.59% 12.77%(e)

MSCI ACWI Index (in GBP) 6.38% 28.66% 13.72% 14.49% 11.86%(e)

EUR Accumulating Class 14.05% 20.64% 14.16% 17.54% 14.37%(b)

Comparative IndicesMSCI World Index (in EUR) 8.52% 10.73% 13.47% 15.09% 13.87%(e)

MSCI ACWI Index (in EUR) 7.81% 11.09% 12.74% 14.00% 12.96%(e)

CAD Accumulating Class 9.35% 13.35% 12.89% 19.16% 14.19%(d)

Comparative IndicesMSCI World Index (in CAD) 3.93% 3.79% 12.18% 16.66% 13.51%(f)

MSCI ACWI Index (in CAD) 3.76% 4.92% 11.55% 15.64% 12.24%(f)

Average Annual Total Returns for Periods Ended 31 December 2016

Net Asset Value (31/12/2016) $2,459,855,682Asset Allocation (31/12/2016) 96.8% Equity Securities; 3.2% Net Cash & Other(g)


Why Dodge & Cox?

People

Stable team of experienced investment professionals in an independent firm

Investment Product

Consistent application of investment philosophy

Performance

Long-term record of success


Supplemental Exhibits


0%

5%

10%

15%

20%

25%

30%

35%

YTD 1Y 3Y 5Y 10Y 20Y

Stock Fund

S&P 500

E-15261-041317-011217 |

31 March 2017A Long-Term Horizon Is Essential

Average Annual Total Return as of March 31, 2017

Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares aresold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly. Before investing in any Dodge & Cox Fund, youshould carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information,or for current performance figures, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

Dodge & Cox Stock Fund vs. the S&P 500 Index

Stock Fund SEC Standardized Average Annual Total Returns as of March 31, 2017: 1 Year +28.60%; 5 Years +15.24%; 10 Years +6.26%.

A single quarter or calendar year is too short an interval to judge the merits of a value-oriented, long-term, actively managed investment strategy. A long-term horizon, patience, and persistence are essential.

Over the last 20 ¼ years our long-term, price-disciplined investment approach has outperformed the S&P 500 by 2.2 percentage points annualized.

Our approach has been out of favor at times. It lagged the index in 9 of the past 20 calendar years and 40 of the past 81 quarters.

Shifts in relative performance are unpredictable; attempting to “time the market” (or swings between investment styles) is difficult.

vs S&P 500 ‐1.1% 11.4% ‐0.9% 1.9% ‐1.3% 2.3%

Annual Returns (%)1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Stock Fund 28.4 5.4 20.2 16.3 9.3 -10.5 32.4 19.2 9.4 18.5 0.1 -43.3 31.3 13.5 -4.1 22.0 40.6 10.4 -4.5 21.3 5.0

S&P 500 33.3 28.6 21.1 -9.1 -11.9 -22.1 28.7 10.9 4.9 15.8 5.5 -37.0 26.5 15.1 2.1 16.0 32.4 13.7 1.4 12.0 6.1

Difference -4.9 -23.2 -0.9 25.4 21.2 11.6 3.7 8.3 4.4 2.8 -5.4 -6.3 4.8 -1.6 -6.2 6.0 8.1 -3.3 -5.9 9.3 -1.1

YTD 20172016201520132009 2010 2011 2012 2014


This exhibit presents performance and/or characteristics of a related U.S.-domiciled fund. Please refer to the disclosure at the back of this presentation.

Annual Returns (%) YTD

2001* 2002 2003 2004 2005 2006 2007 2008 2017

International Stock Fund -7.1 -13.1 49.4 32.5 16.7 28.0 11.7 -46.7 47.5 13.7 -16.0 21.0 26.3 0.1 -11.4 8.3 9.3 7.6

MSCI EAFE -14.9 -15.9 38.6 20.2 13.5 26.3 11.2 -43.4 31.8 7.8 -12.1 17.3 22.8 -4.9 -0.8 1.0 7.2 4.4

Difference 7.8 2.8 10.8 12.2 3.2 1.7 0.5 -3.3 15.7 5.9 -3.8 3.7 3.5 5.0 -10.5 7.3 2.1 3.2

Since Inception201620132009 2010 2011 2012 2014 2015

International Stock Fund SEC Standardized Average Annual Total Returns as of March 31, 2017: 1 Year +22.97%; 5 Years +7.32%; 10 Years +2.52%.

A Long-Term Horizon Is Essential


Since inception our long-term, price-disciplined investment approach has outperformed the MSCI EAFE by 3.2 percentage points annualized. Our approach has led to periods of underperformance at times. It lagged

the index in 3 of the past 15 calendar years and 23 of the past 63 quarters. The recent period of 6 quarters of consecutive underperformance is the longest since inception. Shifts in relative performance are unpredictable, and attempting to

“time the market” (or time swings between investment styles) is difficult.

March 31, 2017

*Annualized return since inception on May 1, 2001

Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares aresold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly. Before investing in any Dodge & Cox Fund, youshould carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information,or for current month-end performance figures, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

A single quarter or calendar year is too short an interval in which to judge the merits of a value-oriented long-term actively managed investment strategy. A long-term horizon, patience, and persistence are essential.

Dodge & Cox International Stock Fund vs. MSCI EAFE Index

E-16504-061617-041217 |

vs EAFE 2.1% 11.3% 0.2% 1.5% 1.5% 3.2%

0%

5%

10%

15%

20%

25%

YTD 1Y 3Y 5Y 10Y SinceInception

ISF

EAFE


Annual Returns (%) YTD2001* 2002 2003 2004 2005 2006 2007 2008 2017

International Stock Fund -7.1 -13.1 49.4 32.5 16.7 28.0 11.7 -46.7 47.5 13.7 -16.0 21.0 26.3 0.1 -11.4 8.3 9.3 7.6

MSCI ACWI ex USA -13.4 -15.0 40.8 20.9 16.6 26.7 16.7 -45.5 41.5 11.2 -13.7 16.8 15.3 -3.9 -5.7 4.5 7.9 5.1

Difference 6.3 1.8 8.6 11.6 0.1 1.4 -5.0 -1.2 6.0 2.5 -2.3 4.2 11.0 3.9 -5.7 3.8 1.5 2.5

20152009 2010 2011 2012 2013 2014Since

Inception*2016

vs ACWI ex USA 1.5% 9.8% 0.2% 3.0% 1.2% 2.5%

0%

5%

10%

15%

20%

25%

YTD 1Y 3Y 5Y 10Y SinceInception

ISF

ACWI ex USA


E-16503-041317-041217 |

A Long-Term Horizon Is Essential

Since inception our long-term, price-disciplined investment approach has outperformed the MSCI ACWI ex USA by 2.5 percentage points annualized. Our approach has led to periods of underperformance at times. It

lagged the index in 4 of the past 15 calendar years and 23 of the past 63 quarters. The recent period of 5 quarters of consecutive underperformance (Q2 2015 to Q2 2016) is the longest since inception. Shifts in relative performance are unpredictable, and attempting to

“time the market” (or time swings between investment styles) is difficult.

March 31, 2017

*Annualized return since inception on May 1, 2001

Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares aresold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly. Returns represent past performance and do notguarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Fund performance changes over time andcurrently may be significantly lower than stated above. Performance is updated and published monthly. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investmentobjectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information, or for current performance figures, or for currentmonth-end performance figures, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

A single quarter or calendar year is too short an interval in which to judge the merits of a value-oriented long-term actively managed investment strategy. A long-term horizon, patience, and persistence are essential.

Dodge & Cox International Stock Fund vs. MSCI ACWI ex USA Index

International Stock Fund SEC Standardized Average Annual Total Returns as of March 31, 2017: 1 Year +22.97%; 5 Years +7.32%; 10 Years +2.52%.


86%86%

70%

75%

80%

85%

90%

95%

100%20

09

2010

2011

2012

2013

2014

2015

2016

Mar

-201

7

MSCI World MSCI ACWI

Active Share 31 March 2017


Dodge & Cox does not manage portfolios to match any particular index.

Since inception, the Global Stock Fund’s overlap with both the MSCI World and MSCI ACWI Indices has been low compared to many active investment managers. The Fund’s active share has been high.

Dodge & Cox invests in a diversified portfolio of stocks based on individual company analysis that compares valuation to our assessment of long-term fundamentals.

Observations

Source: FactSet. Active share is calculated as 100% less the overlap between the Fund and the relevant index, based on year-end holdings. Overlap for each security in the Fund is the lower of either itspercentage weight in the Fund or its percentage weight in the relevant index. The Fund’s total overlap is the sum of each security’s calculated overlap. The above information is not a complete analysis ofevery material fact concerning any market, industry, or investment. Data has been obtained from sources considered reliable, but Dodge & Cox makes no representations as to the completeness oraccuracy of such information. Opinions expressed are subject to change without notice. These materials are provided solely for use in a private meeting and are intended for informational and discussionpurposes only with institutional investors. This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer byDodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and itsaffiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’ prospectus atdodgeandcoxworldwide.com.


Performance AttributionDodge & Cox Worldwide Funds – Global Stock Fund vs. MSCI World(a) (Three-Month Total Return)

Quarter Ending 31 March 2017

E-9580-041117-092811 |

(a)All returns are holding period returns.Source: Dodge & Cox, MSCI. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources consideredreliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information provided ishistorical and does not predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. Thesecurities identified are subject to change without notice and may not represent an account’s entire holdings. Returns represent past performance and do not guarantee future results. Investment return andshare price will fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Fund performance changes over time and currently may be significantly lower than statedabove. Performance is updated and published monthly. These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only with institutionalinvestors. This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox WorldwideInvestments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended asa forecast or guarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

7.7%6.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Global Stock Fund MSCI World

Key Contributors to Relative Results The Fund’s holdings in the Consumer Discretionary sector (up 13% compared to up 7% for the MSCI World sector), combined with a higher average weighting

(20% versus 12%), had a positive impact. Media holdings, such as Grupo Televisa (up 24%) and Naspers (up 17%), bolstered results. E-commerce holdings including JD.com (up 22%) and Priceline (up 21%) also helped performance.

Relative returns in the Financials sector (up 6% compared to up 5% for the MSCI World sector) contributed to results. Itau Unibanco (up 19%) and Standard Chartered (up 16%) performed well.

Strong returns from the Fund’s holdings in emerging markets (up 15%) contributed significantly to performance, including Samsung Electronics (up 21%) and many of those already listed above.

Millicom International Cellular (up 31%) was an additional contributor.

Key Detractors from Relative Results Weak relative returns from holdings in the Information Technology sector (up 11% compared to up 12% for the MSCI World sector) hurt results. Additional detractors included Target (down 23%), Apache (down 19%), Anadarko Petroleum (down 11%), and Goldman Sachs (down 4%).


Performance AttributionDodge & Cox Worldwide Funds – Global Stock Fund vs. MSCI ACWI(a) (Three-Month Total Return)


Quarter Ending 31 March 2017

E-13767-041217-033114 |

Key Contributors to Relative Results The Fund’s holdings in the Consumer Discretionary sector (up 13% compared to up 8% for the MSCI ACWI sector), combined with a higher average weighting

(20% versus 12%), had a positive impact. Media holdings, such as Grupo Televisa (up 24%) and Naspers (up 17%), bolstered results. E-commerce holdings including JD.com (up 22%) and Priceline (up 21%) also helped performance.

Relative returns in the Real Estate sector (up 24% compared to up 5% for the MSCI ACWI sector) contributed to results. Strong returns from the Fund’s holdings in emerging markets (up 15% compared to up 11% for the MSCI ACWI region) contributed significantly to performance,

including Samsung Electronics (up 21%), Itau Unibanco (up 19%), and many of those already listed above. Additional contributors included Millicom International Cellular (up 31%) and Standard Chartered (up 16%).

Key Detractors from Relative Results Weak relative returns from holdings in the Information Technology sector (up 11% compared to up 13% for the MSCI ACWI sector) hurt results. Additional detractors included Target (down 23%), Apache (down 19%), Anadarko Petroleum (down 11%), and Goldman Sachs (down 4%).

7.7% 6.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Global Stock Fund MSCI ACWI


Performance AttributionDodge & Cox Worldwide Funds – Global Stock Fund vs. MSCI World(a) (Twelve-Month Total Return)

One Year Ending 31 March 2017


E-10623-041217-092811 |

Key Contributors to Relative Results Strong returns from the Fund’s holdings in emerging markets (up 29%), especially in Brazil, contributed to performance. Petrobras (up 104%), Itau Unibanco (up

61%), and Samsung Electronics (up 50%) were notable contributors.

Relative returns in the Financials sector (up 36% compared to up 26% for the MSCI World sector), combined with a higher average weighting (27% versus 17%), had a positive impact. Bank of America (up 77%), Goldman Sachs (up 48%), Charles Schwab (up 47%), Standard Chartered (up 40%), and Barclays (up 33%) were strong performers.

Strong returns from the Fund’s holdings in the Consumer Discretionary sector (up 26% compared to up 11% for the MSCI World sector) bolstered results. Media holdings Charter Communications (up 40% since date of merger) and Time Warner (up 37%) contributed.

Additional contributors included Sprint (up 149%) and Hewlett Packard Enterprise (up 35%).

Key Detractors from Relative Results All sectors contributed positively to the relative results.

Notable detractors included Target (down 31%), Anadolu (down 28%), and Baidu (down 10%).

27.5%

14.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%



Performance AttributionDodge & Cox Worldwide Funds – Global Stock Fund vs. MSCI ACWI(a) (Twelve-Month Total Return)


One Year Ending 31 March 2017

E-13769-041217-033114 |

Key Contributors to Relative Results Strong returns from the Fund’s holdings in emerging markets (up 29% compared to up 17% for the MSCI ACWI region), especially in Brazil, contributed to

performance. Petrobras (up 104%), Itau Unibanco (up 61%), and Samsung Electronics (up 50%), were notable contributors.

Relative returns in the Financials sector (up 36% compared to up 25% for the MSCI ACWI sector), combined with a higher average weighting (27% versus 18%), had a positive impact. Bank of America (up 77%), Goldman Sachs (up 48%), Charles Schwab (up 47%), Standard Chartered (up 40%), and Barclays (up 33%) were strong performers.

Strong returns from the Fund’s holdings in the Consumer Discretionary sector (up 26% compared to up 11% for the MSCI ACWI sector) bolstered results. Media holdings Charter Communications (up 40% since date of merger) and Time Warner (up 37%) contributed.

Additional contributors included Sprint (up 149%) and Hewlett Packard Enterprise (up 35%).

Key Detractors from Relative Results All sectors contributed positively to the relative results.

Notable detractors included Target (down 31%), Anadolu (down 28%), and Baidu (down 10%).

27.5%

15.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%



E-15009-061617-041217 |

a)Market capitalization-weighted data in Empirical Research universe excluding Financials. Emerging Markets since 1992. (b)Companies included and valuations used in this chart are determined byEmpirical Research Partners using their proprietary framework. Source: Bloomberg, Empirical Research, FactSet, MSCI. The above information is not a complete analysis of every material factconcerning any market, industry or investment. Data has been obtained from sources considered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of suchinformation. Opinions expressed are subject to change without notice. Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with marketconditions, and investors may have a gain or loss when shares are sold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated andpublished monthly. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus andsummary prospectus, which contain this and other important information, or for current month-end performance figures, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus andsummary prospectus carefully before investing.

‐10%

‐5%

0%

5%

10%

15%

20%

Index Energy TelecomServices

Real Estate Financials Utilities ConsumerStaples

Industrials Materials ConsumerDisc.

HealthCare

Info Tech

S&P 500 MSCI EAFE MSCI EM

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

World DevelopedMarkets

U.K. ContinentalEurope

Japan Asia(ex-Japan)

U.S. EmergingMarkets

Range Average Current Level

Developed Markets

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ConsumerDurables

CapitalEquipment

IndustrialCommodities

Software &Svcs.

Hardware Pharm. &Biotech.

Equipment &Svcs.

Retail & OtherConsumerCyclicals

ConsumerStaples

Financials Utilities Energy

Technology Health Care

Growth-OrientedCyclicals Other

Global Market BackdropInternational Outperformed U.S.; EM Outperformed DM; Energy Was Particularly Weak

Valuations Are Higher But Still Reasonable International Opportunities in Financials, Energy, and Health Care

March 31, 2017

Nominal Free Cash Flow Yields(a)

1986 Through March 2017DM Intra-Sector Valuations(b) Current vs History: 1987 Through March 2017

Percentile of Valuation Disparities (1 = Narrowest, 100 = Widest)

Q1 2017 USD Returns

MSCI ACWI Returns: -3.9% 2.1% 4.8% 5.4% 6.8% 7.1% 7.2% 7.7% 7.8% 8.4% 13.0%


$0

$20

$40

$60

$80

$100

$120

$140

0

500

1,000

1,500

2,000

2,500

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

S&P 500 Index Level (Left)S&P 500 Operating Earnings (Right)

0%2%4%6%8%

10%12%14%16%18%

1790

1799

1807

1815

1824

1832

1840

1849

1857

1865

1874

1882

1890

1899

1907

1915

1924

1932

1940

1949

1957

1965

1974

1982

1990

1999

2007

2015

10-Y

ear U

.S. T

reas

ury

Yiel

dU.S. Market Backdrop March 31, 2017

Rates are Still Near Historic Lows U.S. Economic Growth Has Been Slow & Steady in Recent Years

U.S. Equity Prices and Valuations Have Risen With Earnings

Source: Bloomberg, FactSet, S&P, FactSet, Empirical Research Partners. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Datahas been obtained from sources considered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change withoutnotice. The above returns represent past performance and do not guarantee future results. Dodge & Cox does not seek to replicate the returns of any index. The actual returns of a Dodge & Coxmanaged portfolio may differ materially from the returns shown above. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges andexpenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information, visit www.dodgeandcox.com or call 800-621-3979. Please read the prospectus andsummary prospectus carefully before investing.

1.4

1.9

2.4

2.9

Dec'15

Mar Jun Sep Dec'16

Mar

2016-2017 Up CloseConsumer Spending

3.8% Employment1.9%

Unemployment Rate

-12.4%

Home Prices4.7%

Household Net Worth5.6%

Consumer Sentiment

5.7%

-14.0%-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%

3-Y

ear G

row

th R

ate

Average P/E

$0

$20

$40

$60

$80

$100

$120

$140

8x

10x

12x

14x

16x

18x

20x

22x

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

S&P 500 Forward P/E (Left)

S&P 500 Operating Earnings (Right)


0.30.71.11.51.92.32.73.13.5

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Pric

e-to

-Sal

es R

atio

S&P 500: 50 Most Negatively Correlated With Rising RatesS&P 500: 50 Most Positively Correlated With Rising Rates

1.7%8.5% 9.3%

6.2% 3.2%

4.6%2.9%28.7% 26.5%

14.4%1.7%

3.6%2.4%

0%

5%

10%

15%

20%

25%

30%

U.S.StockFund

Russell1000Value

S&P 500 U.S.StockFund

Russell1000Value

S&P 500

Financials Bond SubstitutesConsumer Staples UtilitiesReal Estate Telecom

Bond Substitutes* Appear Fully Valued

*Sectors and industries that are considered to be “Bond Substitutes” include Consumer Staples, Real Estate Investment Trusts (REITs), Telecommunication Services (Telecom), and Utilities.(a)Interest rate sensitivity measured for S&P 500 constituents (as of 31/12/2016) through a regression of each stock’s weekly returns from 31/03/2016 to 31/03/2017 on weekly changes in the 10-yearTreasury yield. (b)Representative companies selected are among the two largest market capitalizations in each company’s respective S&P 500 industry.Source: Dodge & Cox, Bloomberg, FactSet. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sourcesconsidered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. These materials areprovided solely for use in a private meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offerto purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The viewsexpressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtainmore information about the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

31 March 2017

22.9%

17.8%

3.4%

Dodge & Cox Worldwide Funds – U.S. Stock Fund

E-15492-041817-102116 |

S&P 500: 50 Most Positively Correlated With Rising Rates vs. 50 Most Negatively Correlated With Rising Rates(a)

Negatively Correlated With Rising Rates(Fund Holdings = 0)

Amid Record Low Interest Rates, Investors Are Paying High Valuations For Bond Substitutes

The Fund Has Low Exposure To Bond Substitutes And Higher Exposure To Stocks That Would Benefit From Higher Rates Such As Banks

Positively Correlated With Rising Rates(Fund Holdings = 10)

Banks, with stronger fundamentals and cheaper valuations, are likely to return more capital to shareholders than utilities.

(b)

0%2%4%6%8%

10%12%14%16%18%

1790

1799

1807

1815

1824

1832

1840

1849

1857

1865

1874

1882

1890

1899

1907

1915

1924

1932

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1957

1965

1974

1982

1990

1999

2007

2015

10-Y

ear U

.S. T

reas

ury

Yiel

d

1.4

1.9

2.4

2.9

Dec'15

Mar Jun Sep Dec'16

Mar

2016-2017 Up Close

Representative U.S. Bank

RepresentativeU.S. Electric Utilities Co.

Profitability (ROE) 11.7% 5.3%Trailing 5-Year EPS Growth 7.2% -0.7%Projected 5-Year EPS Growth 11.0% 5.1%Trailing P/E 13.1x 19.4xDividend Yield 2.7% 4.1%

(b)


Governance: For Whose Benefit Is the Company Being Run?

As long-term investors, we develop a thorough understanding of each investment, including: What has management done in the past? How have the needs of various stakeholders been balanced? Can we expect sustainable returns from well-governed and sustainable assets?

We seek to identify whether management is actively working to improve the business for its long-term investors. We have a history of engagement on governance issues when deemed significant and relevant to our investment thesis.

ESG is One of Many Factors in Our Investment Process

Integrating ESG Analysis Into Our Research Process

Governance Board structure Capital allocation Company bylaws & articles Management incentive structures Shareholder rights

Social Community relations Customer satisfaction Employee and union relations Human health impacts Safety practices

Environmental Chemical safety Emissions, pollutions, and contamination Management of environmental risks Raw material sourcing Supply chain management

Examples of ESG Factors We Consider

The above information is not a complete analysis of every material fact concerning any market, industry, or investment. Opinions expressed are subject to change without notice. Before investing in anyDodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this andother important information, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.

As a UNPRI signatory, Dodge & Cox is committed to considering the investment implications of ESG issues within our investment process. We consider ESG factors on a company-by-company basis and pay particular attention to governance. We believe ESG integration adds value for our clients.

Due Diligence

ESG is one factor we consider when conducting research,

speaking with company management, and visiting

company facilities.

Analysis

ESG research is incorporated into our investment analysis and addressed in our internal

research reports.

Weigh Valuation

We weigh valuation against risks and opportunities,

including ESG factors, for each company.

Investment Decision

Among other considerations, material ESG factors are

incorporated in our decision-making process.

March 31, 2017


Sector CommitteesInvestment Idea Flow

Global IndustryAnalysts

Sector Committees

Investment Committees

Investment

Advocacy Recommendation Decision

Feedback / Follow-up Items

Technology / Media /

Telecom

Health Care /

Consumer

Energy / Industrials /

UtilitiesFinancials

Paritosh SomaniWendell Birkhofer

Sophie ChenDavid HoeftRoger Kuo

Amanda NelsonArun Palakurthy

Tae Yamaura

Karim FakhryLily Beischer

Bryan CameronKathleen McCarthyRaymond Mertens

Lynn PooleSteve Voorhis

John IannuccilloEnglebert Bangayan

Richard CallisterBryan CameronSteve Cassriel

Benjamin GarosiKevin Johnson

Joel-Patrick MillsapSalil Phadnis

Karol MarcinPhilippe Barret, Jr

Mario DiPriscoRameez DossaKeiko HorkanCharles Pohl

Steve Voorhis

E-4141-040717-030315 |

Effective 15 January 2017


Thoughts on RiskKey Investment Risks How We Seek to Mitigate Risk

Permanent LossThe possibility that you lose money

Loss of Future Purchasing PowerThe possibility that inflation erodes your standard of living over time

Volatility and Relative Underperformance The possibility that the market assigns a higher or lower value to assets at any given time

In-depth Knowledge of Each InvestmentAn important first step is knowing what we own, including an analysis of the risks and the opportunities

Experience and Perspective The stability of our team means that we have built significant intellectual capital about companies and markets; decision-making by a team provides perspective and experience as we evaluate investments

Valuation DisciplineA good company is not always a good investment at too high a valuation

Incremental Changes to the Overall Portfolio Enable us to revisit and retest our thinking

Portfolio Diversification

Focus on Potential for Long-term Real GrowthBecoming a part-owner of companies enables equity investors to participate in innovation and productivity across the globe; we focus on long-term growth of earnings and cash flow in selecting investments.

Fully InvestedCash generally does not generate real returns, and timing the market can be hazardous to long-term returns

Low Fees and Low Turnover Reduce the costs of ownership

Long-term Investment HorizonOverall volatility dampens significantly as holding period lengthens

Incremental Buy and Sell OpportunitiesShort-term price movements provide an opportunity for a long-term investor to make incremental adds and trims to holdings

Persistence and PatienceThe fortitude to stay the course through past periods of underperformance and volatility enabled us to build many positions that delivered strong long-term returns as conditions changed

31 March 2017

E-11594-010517-060613 |

These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered asolicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in anyjurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any productor service. To obtain more information about the Funds, please refer to the Funds’ prospectus at www.dodgeandcoxworldwide.com.


0%

2%

4%

6%

8%

10%

12%

14%

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11

Jun-

12

Dec

-12

Jun-

13

Dec

-13

Jun-

14

Dec

-14

Jun-

15

Dec

-15

Jun-

16

Dec

-16

Med

ia W

eigh

t


0x

5x

10x

15x

20x

25x

30x

35x

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Pric

e to

Cas

h E

arni

ngs

Price to Cash Earnings

Media 31 March 2017

Global Stock Fund Media Investments Are Leaders in Growing Markets

Grupo Televisa(Mexico):Largest producer of Spanish-language television content in the world with dominant operations in Mexican broadcast & pay-TV and publishing.

Naspers(South Africa):Leading Pay-TV provider, newspaper and magazine publisher, and Internet service provider in Africa. Naspers owns 34% of Tencent, a leading Chinese internet company.

Twenty-First Century Fox(United States):Leading global media and entertainment company.

Comcast(United States):Largest U.S. cable system operator. Provides video, high-speed data, and phone services through its broadband communication networks.

Charter Communications(United States):Second largest cable company in the U.S., post merger with Time Warner Cable in May 2016.

Time Warner(United States):A global leader in the creation, packaging and distribution of entertainment content. It has leadership positions in its core businesses of television and film production as well as cable networks.


MSCI World Media Stocks

Long-term Opportunity & Risks Media Valuations Are Reasonable The Fund Remains Overweight Media

Owning media companies is an attractive way to benefit from growing demand for communications and entertainment around the world

Risks include

Regulatory concerns

Increased competition

Capital allocation

Potential valuation decline

Source: Factset.The above is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable, but Dodge & Cox makes norepresentations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information provided is historical and does not predict future results orprofitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. The securities identified are subject to change withoutnotice and may not represent an account’s entire holdings. These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only with institutionalinvestors. This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox WorldwideInvestments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended asa forecast or guarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.


0

0.5

1

1.5

2

2.5

3

3.5

4

2011 2012 2013 2014 2015 2016 2017e 2018e

Ann

ual C

hang

e in

Glo

bal O

il S

uppl

y an

d D

eman

d (M

b/d

) Supply

Demand

Healthy demand growth expected

$0

$100

$200

$300

$400

$500

$600

$700

$800

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

E

Bill

ions

Upstream Capital Expenditures

InternationalNorth America

Source: Baker Hughes, Barclays, Energy Information Administration, FactSet. The above information is not a complete analysis of every material fact concerning any market, industry or investment.Data has been obtained from sources considered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to changewithout notice. These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only with institutional investors. This information should not beconsidered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any servicesin any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for anyproduct or service. To obtain more information about the Funds, please refer to the Funds’ prospectus at www.dodgeandcoxworldwide.com.

Higher Oil Price Needed to Satisfy Global Demand 31 March 2017

Demand Growth to Remain Robust and to Outpace Supply Growth(c)

Approvals of new long life projects have significantly declined.

U.S. tight oil is unlikely to satisfy all demand growth at current prices.

Will likely need a variety of additional supply sources, including deepwater and OPEC.

Supply

Significant Incremental Production from Multiple Sources Required by 2025e (a)

E-15018-042517-041417 |

(a) Rystad Energy Supply Study (Oct 2016), TechnipFMC. (b) Barclays “Global 2017 E&P Spending Outlook” report released January 9, 2017. (c)Data as of January 2017.

Long-term demand growth from emerging markets (particularly China, India, Middle East) remains stable.

Demand

Higher Oil Price Required to Incentivize Sufficient Supply Growth over the Next 3-5 Years

Natural decline

Investments in New Projects Have Declined Considerably(b)

~36 million barrels/day of new production needed

Deepwater Opportunity


4.1%5.9% 6.1%

2.4%0.7% 0.6%

0%

2%

4%

6%

8%

Global Stock Fund MSCI World MSCI ACWI

Energy Equipment & Services (Oil Services) Oil, Gas & Consumable Fuels (Oil & Gas Producers)

6.5% 6.6% 6.7%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Oil

Prod

ucer

's C

apita

l Exp

endi

ture

s Yo

Y G

row

th

Ener

gy E

quip

men

t & S

ervi

ces

P/S

P/S (LHS) Capital Spending yoy Growth % (RHS)

-60%

-40%

-20%

0%

20%

40%

60%

80%

0

100

200

300

400

500

600

700

800

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

E

yoy

Gro

wth

(%)

Ups

tream

Cap

ital S

pend

ing

($bn

)

North America International

Capital Spending yoy Growth % Oil Services Industry Sales yoy Growth %

26%43%

63%24%

25%

15%50%

32%23%

1990s 2000s 2010s

Land

Shallow Water

Deep Water(more expensiveto develop)

Finding Value in Oil Services 31 March 2017


Source: Barclays, FactSet, MSCI, Schlumberger. The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained fromsources considered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The informationprovided is historical and does not predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future tradingactivity. The securities identified are subject to change without notice and may not represent an account’s entire holdings. These materials are provided solely for use in a private meeting and are intendedfor informational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc ora solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & CoxWorldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’prospectus at dodgeandcoxworldwide.com.

E-15014-042017-101716 |

Oil & Gas Producers Holdings Anadarko Petroleum Apache Petrobras Suncor Energy

Incremental Oil Resources Are Becoming More Difficult and Service-Intensive to Develop

MSCI World: Energy Equipment & Services Industry P/S Ratio

Oil Services Holdings National Oilwell Varco Saipem Schlumberger Weatherford International

Long-Term Growth Opportunity: Oil Services’ Expertise Is Needed We Have Been Adding to Oil Services (GSF Remains Overweight)

Oil & Gas Producers’ Capital Expenditures and Oil Services Industry Sales

Capital Spending Budgets Have Impacted Oil Services Industry Reasonable Valuations Despite Trough Sales


Energy (7.8% / 11.1%)

E-9584-042017-020615 |

Construction Materials (3.2% / 0.6%)

(a)The MSCI World also has 1.5% in Metals & Mining, 0.3% in Containers & Packaging, and 0.1% in Paper & Forest Products.The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable, but Dodge & Cox makesno representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information provided is historical and does not predict future resultsor profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. The securities identified are subject to changewithout notice and may not represent an account’s entire holdings. These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only withinstitutional investors. This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & CoxWorldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are notintended as a forecast or guarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

Industrial & Agriculture

Capital Spending Budgets

Supply & Demand

Commodity Prices

Oil Service (2.4% / 0.7%) All resource owners require service companies to extract energy. New resources such as deep water & shale gas are service and equipment intensive. Depleting resources of around 6% per year require increased activity just to maintain production.

Oil & Gas Producers (4.1% / 5.9%) Depressed energy prices are providing us with an opportunity to raise our energy weighting. Holdings have attractive valuations and potential to grow production or free cash flow. New discoveries are harder to find and more expensive to extract.

Commodity & Diversified Chemicals (0.8% / 1.1%)Margins have risen due to low input costs providing clear downside risk. Our holding is less exposed to this dynamic.

Energy and MaterialsDodge & Cox Worldwide Funds – Global Stock Fund (9.3%) vs. MSCI World (11.6%)(a)

31 March 2017

GSF Holdings Primary Economic Drivers

Construction Recovery

Anadarko Petroleum, Apache, Petrobras, Suncor Energy

National Oilwell Varco, Saipem, Schlumberger, Weatherford

Celanese

LafargeHolcim

Positioning & Key Characteristics (% of GSF / % of MSCI World)

Construction Materials (0.9% / 0.3%) Benefits from highway infrastructure spending and a recovery in global commercial and

residential real estate markets

Growth in Brazil LindeIndustrial &

Agricultural Growth

Specialty Chemicals & Fertilizers (1.1% / 1.8%) Industrial gases are a key industrial input with stable demand and attractive unit growth


0.00

0.50

1.00

1.50

2.00

2.50

3.00

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2011 2012 2013 2014 2015 2016 2017

Rel

ativ

e W

eigh

t

Abs

olut

e W

eigh

t

Global Stock Fund MSCI World MSCI ACWI GSF to MSCI World Relative Weight

We Adjust Our Financials Weight With Valuation 31 March 2017

Dodge & Cox Worldwide Funds – Global Stock Fund (25.4%) vs. MSCI World (17.7%) vs. MSCI ACWI (18.4%)

(a)Policy decisions made year-to-date. (b)HSBC Holdings and Standard Chartered were included in Emerging Markets due to their significant exposure to this region. Source: MSCI, Dodge & Cox. Theabove information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable, but Dodge & Cox makes norepresentations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information provided is historical and does not predict future results orprofitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. The securities identified are subject to change withoutnotice and may not represent an account’s entire holdings. These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only with institutionalinvestors. This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox WorldwideInvestments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended asa forecast or guarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

E-14914-042017-071816 |

Financial Weight Over Time Versus MSCI ACWI

We Have Increased the Fund’s Position in European & UK BanksFinancials by Region: Overweight Europe/UK and EM(a)

YTD: Trimmed Barclays, Credit Suisse

YTD: Added to ICICI, Trimmed Standard

Chartered

Europe & UK Banks Positioning by Domicile

11.8%8.4% 7.5%

7.5%

4.2% 3.7%

6.1%

0.5% 3.1%

0.0%

4.6% 4.0%

0%

5%

10%

15%

20%

25%

30%

Global Stock Fund MSCI World MSCI ACWI

United States Europe & UK Emerging Markets Other Developed

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/3/2017

Relative Weight (GSF - ACWI, LHS) Relative P/E (ACWI Financials to Overal Index, RHS)


17.1%

11.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11

Jun-

12

Dec

-12

Jun-

13

Dec

-13

Jun-

14

Dec

-14

Jun-

15

Dec

-15

Jun-

16

Dec

-16


Emerging Market Investments

GSF Historical Emerging Markets Weights

31 March 2017

The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable, but Dodge & Cox makesno representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. The information provided is historical and does not predict futureresults or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. The securities identified are subject tochange without notice and may not represent an account’s entire holdings. These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes onlywith institutional investors. This information should not be considered a solicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & CoxWorldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are notintended as a forecast or guarantee of future results for any product or service. To obtain more information about the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

By DomicileDodge & Cox Worldwide Funds – Global Stock Fund

By Revenue Exposure

Emerging Markets as % of Sales

*MSCI World Index does not have emerging market holdings.

E-15040-041117-092811 |

We Believe One Must Look Beyond the EM Label

Domicile does not equal exposure.

EM are not one monolithic block, rather a heterogeneous collection of economic and political systems, demographics, and resources.

Our holdings are a function of bottom-up research and decisions. Many EM companies trade at a valuation discount to their Developed Market peers and/or have higher earnings growth prospects.

We Appreciate the Long-Term Investment Prospects for EM Economies

Diversification EM equities are slightly less correlated than are DM equities. A portfolio that includes EM has better diversification characteristics.

Large and Growing EM constitute 90% of the world’s population, nearly 47% of global GDP

(2015), though less than 20% of global market cap. EM GDP is projected grow 4-5% versus 2% for developed markets.

25.4%

15%

20%

25%

30%

35%

Dec

-10

Jun-

11

Dec

-11

Jun-

12

Dec

-12

Jun-

13

Dec

-13

Jun-

14

Dec

-14

Jun-

15

Dec

-15

Jun-

16

Dec

-16To

p %

of G

SF

Hol

ding

s W

ith >

40%

of

Rev

enue

s fro

m E

M


Chinese renminbi (USD/CNH = 6.87)

Structural transformation is ongoing, with growth stabilizing around lower levels and consumption gradually taking over investment.

But imbalances remain challenging in face of a large debt build-up, exports deceleration, capital outflows, capital account liberalization, and potential changes in U.S. trade policy.

The government appears committed to modernizing reforms, including financial liberalization and a more market-based FX. The PBOC is likely to allow the currency to depreciate further, but at a slow pace as long as capital controls remain in place.

After a long period of deep undervaluation, the renminbi finally appears to have reached levels closer to fair value, although it remains strong on a real effective basis.

5% of overall Fund exposure; 73% of broadly interpreted renminbi exposure (including indirect exposure)

0%

10%

20%

30%

40%

50%

60%

USD EUR CHF GBP JPY CNH

Global Stock Fund GSF Amount Hedged MSCI World MSCI ACWI

Foreign Currency Exposure 31 March 2017


E-10630-041817-011817 |

Major Currency Exposures*

*Exposure refers to the currency of the issuer’s country of incorporation. In a limited number of cases the Fund may use a currency designation more closely aligned with the issuer’s underlying currencyexposure.Source: MSCI, Bloomberg. The above information is not a complete analysis of every material fact concerning any market, industry, or investment. Data has been obtained from sources consideredreliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. These materials are provided solelyfor use in a private meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offer to purchaseshares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed hereinrepresent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtain more informationabout the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

Fundamentals

Policy

Valuation

Hedge Ratio

Current Hedges (Quotes as of 31 March 2017)Euro (EUR/USD = 1.07)

Interest rate, inflation, and growth differentials between the United States and Eurozone may lead to a weaker euro.

A weaker euro is likely to boost growth and contribute to the rebalancing of the Eurozone’s economy.

The Eurozone monetary policy cycle is diverging from the U.S. cycle. The U.S. Federal Reserve is engaged in its interest rate hiking cycle, while the European Central Bank has expanded and extended its ambitious quantitative easing program.

The euro is now somewhat undervalued against the U.S. dollar on a Purchasing Power Parity / fair value basis.

1% of overall Fund exposure; 6% of EUR exposure

Swiss franc (USD/CHF = 1.00)

A stronger Swiss franc has exacerbated economic weakness in Switzerland, leading to noticeable declines in competitiveness and growth expectations.

Interest rate, inflation, and growth differentials between the United States and Switzerland may lead to a weaker Swiss franc.

The U.S. Federal Reserve is engaged in its interest rate hiking cycle, while the Swiss National Bank (SNB) is likely to continue expanding monetary easing, especially if the European Central Bank continues its easing stance.

The Swiss franc is one of the most overvalued currencies against the U.S. dollar on a Purchasing Power Parity / fair value basis.

1% of overall Fund exposure; 20% of CHF exposure


Foreign Currency Hedging Framework

(a)Please note, the risks associated with investing in forward currency and futures currency contracts, including counterparty and currency risks, are described in the Fund’s Prospectus.The above is not a complete analysis of every material fact concerning any market, industry or investment. Opinions expressed are subject to change without notice. These materials are provided solely foruse in a private meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offer to purchase sharesof Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The views expressed hereinrepresent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtain more informationabout the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

E-9586-042417-071513 |

31 March 2017

Key Elements of Our Hedging Decision-Making Process

Bottom-up fundamental research and individual security selection are pillars of our investment approach.

We carefully assess the risks or opportunities associated with each company’s currency exposure.

Currency Research Overview

Since 2005, we have been building out and enhancing our currency expertise.

We have a team focused on macroeconomic and currency research that:

Considers currency and country factors as one of many inputs into our bottom-up company research process

Monitors a wide array of macroeconomic and financial variables across developed and emerging market economies

Develops exchange rate forecasts and hedging advocacies for consideration by investment policy committees

Based on our assessment of long-term exchange rate levels, we hedge foreign currency exposure in the international and global funds when we believe that foreign currency depreciation could detract from a Fund’s returns over our three- to five-year investment horizon.

What is the Fund’s currency exposure?

Country of domicile / functional currency Geographic breakdown of sales and/or assets Historical return correlations

Currency Research Framework: What is our exchange rate outlook?

Valuation: Purchasing power parity (PPP) / fair value metrics Fundamentals: Focus on long-term (structural) and medium-term (cyclical) factors Policy: Monetary policy, fiscal policy, and institutional framework

How much, if any, should we hedge?

Level of conviction Hedging costs Trading and operational considerations

The Dodge & Cox Worldwide Funds International Stock Fund and

Global Stock Fund currently hedge a portion of the Euro, the Swiss franc, and the

Chinese renminbi exposures.(a)


The Benchmarks MSCI WorldMSCI All-Country

WorldFree-Float Market Cap ($T) $33.7 $37.6# of Companies 1,654 2,486# of Companies over $10B 875 1,051# of Companies over $5B 1,395 1,776# of Companies over $3B 1,610 2,191

Global Equity AUM ($163.0B) 0.5% 0.4%as a % of Benchmark Free Float Market Cap

0.0%

0.2%

0.4%

0.6%

0.8%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000$80,000$90,000

Our principal objective at Dodge & Cox is to serve our existing shareholders and clients well. We are not “asset accumulators.”

We have always run Dodge & Cox with a long-term view toward stability and balanced growth.

Over the past three decades, we have increased our global capabilities across the firm and all of the Dodge & Cox Funds have benefited.

We have built a strong research department and continually enhance this resource. Our 27 global industry analysts are supported by 24 research associates.

We Continue to Enhance Our Global Capabilities

Global Equity Capacity Framework

We are able to be selective because there are numerous opportunities in the investable universe.(a)

Dodge & Cox’s Global Equity assets under management are a small percentage of benchmark free-float market cap.

The Investable Universe Is Large

We believe there is ample capacity to accommodate reasonable growth into the foreseeable future.

The GSF(b) Has Low Portfolio Turnover Versus Its Peers

As long-term investors, we make gradual portfolio moves based on strict price discipline.

Dollar turnover(c) is a more relevant measure of the Fund’s size than AUM.

Largest 20 World Equity Funds, Fund Dollar Turnover ($mm)

0.4%

Global Equity AUM as a % of MSCI ACWI Free-Float Market CapLargest 20 World Equity Funds, AUM ($mm)

31 December 2016

Fund Flows Have Been Manageable

(a)The investable universe includes many companies that are not constituents of the benchmarks. (b)Fund assets under management times the 2014 portfolio turnover rate.Source: FactSet, Morningstar, Standard & Poor’s. The above is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sourcesconsidered reliable, but Dodge & Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice. These materials areprovided solely for use in a private meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered a solicitation or an offerto purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in any jurisdiction. The viewsexpressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product or service. To obtainmore information about the Funds, please refer to the Funds’ prospectus at www.dodgeandcoxworldwide.com.


Morningstar Analyst RatingTM(1)

The Analyst Rating is the summary expression of Morningstar’s

forward-looking analysis of a fund.

U.S. Stock Fund – Gold

Global Stock Fund – Gold

Morningstar RatingsTM (Star Rating) (2)

A quantitative assessment of a fund’s past performance—both return

and risk as measured from one to five stars.

U.S. Stock Fund –

Global Stock Fund –

International Stock Fund–

Morningstar® Fund Company Rankings (3)

Fund Company Rankings periodically evaluate the 30 largest U.S.

fund companies on five-year relative performance, Morningstar

Analyst RatingsTM , average manager tenure, average manager

investment, and five-year retention rate.

Dodge & Cox – #1 in 2012 (most recent available)

Morningstar Stewardship Grades (4)

The Morningstar Stewardship Grades assess fund companies on

corporate culture, board quality, manager incentives, fees, and

regulatory history.

Dodge & Cox – Overall Grade A in 2016 (most recent available)

Dodge & Cox Worldwide Funds – Recognition 31 March 2017

Largest Money Managers (5)

In 2016, Pensions & Investments ranked 500 money managers based

on worldwide assets under management.

Dodge & Cox – #67 in worldwide assets

Institutional Investor Magazine’s Annual U.S. Investment

Management Awards (6)

Winners were chosen by the editorial staff of Institutional Investor

Magazine based on their market intelligence, performance data, and

additional information received from the industry following a public

call for nominations.

Dodge & Cox – Large-Cap Value Equity winner in 2012 and

2013; Value Equity winner in 2011

InvestmentEurope Fund Manager of the Year Awards(7)

The 2014-15 InvestmentEurope Fund Manager of the Year Awards

celebrate the outstanding achievements of fund managers whose

funds are available for distribution across Continental Europe. The

award is based on both quantitative and qualitative methodology.

Dodge & Cox Global Stock Fund – Winner, Global Equities

Global Investor/ISF Investment Excellence Awards(8)

The Global Investor Investment Excellence Awards, now in its

fifteenth year, recognises the achievements of asset managers based

on their performance, strategy and approach, and customer service.

Dodge & Cox – Equity Manager of the Year—Developed

Markets. Page 1 of 2


Dodge & Cox Worldwide Funds – Recognition 31 March 2017

These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only with institutional investors. This information should not be considered asolicitation or an offer to purchase shares of Dodge & Cox Worldwide Funds plc or a solicitation or an offer by Dodge & Cox Worldwide Investments and its affiliates to provide any services in anyjurisdiction. The views expressed herein represent the opinions of Dodge & Cox Worldwide Investments and its affiliates and are not intended as a forecast or guarantee of future results for any product orservice. To obtain more information about the Funds, please refer to the Funds’ prospectus at dodgeandcoxworldwide.com.

1. (Morningstar Analyst Rating™)© 2015 Morningstar. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of Morningstar, (2) may not be copied or redistributed, (3) donot constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete,or accurate. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Morningstar AnalystRating™ is subjective in nature and reflects Morningstar’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different thanexpected, Morningstar does not guarantee that a fund will perform in line with its Morningstar Analyst Rating. Likewise, the Morningstar Analyst Rating should not be seen as any sort of guarantee or assessmentof the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. Please see http://www.morningstar.com/InvGlossary/morningstar-analyst-rating-for-funds.aspx for further information.

2. (Morningstar Ratings™)For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance(including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, thenext 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and ratedseparately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-,five- and ten-year (if applicable) Morningstar Rating metrics. The Morningstar Ratings of the Dodge & Cox Worldwide Funds are based on the adjusted historical returns of the U.S. domiciled Dodge & CoxFunds, which are managed in the same style and by the same portfolio management teams. Please note, some of the Morningstar proprietary calculations, including the Morningstar Rating, are not customarilycalculated based on adjusted historical returns. Morningstar Rating is for the USD share class of each fund; other classes may have different performance characteristics. Morningstar Ratings are updated monthly;the ratings shown are current as of the date noted at the top of the exhibit. Past performance is no guarantee of future results.

3. (Morningstar Fund Company Rankings)Morningstar Fund Company Ranking of the 30 largest U.S. fund companies were published in November 2012, using data through third quarter 2012. Please seehttp://news.morningstar.com/articlenet/article.aspx?id=573153 for further information. © 2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/orits content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or lossesarising from any use of this information. Past performance is no guarantee of future results.

4. (Morningstar Stewardship Grades)Morningstar's Stewardship Grade for funds is unrelated to the Morningstar Rating for funds, commonly known as the Star Rating, which is described above. The Stewardship Grade assesses funds based on factorsthat Morningstar believes influence (i) the manner in which funds are run, (ii) the degree to which the management company's and fund board's interests are aligned with fund shareholders, and (iii) the degreeto which shareholders can expect their interests to be protected from potentially conflicting interests of the management company. Morningstar assigns each fund a letter grade from A (best) to F (worst). Fundsare graded on an absolute basis with no "curve”. Morningstar analysts' evaluation of five factors determine the grade for each fund: (i) regulatory issues, (ii) board quality, (iii) manager incentives, (iv) fees, and (v)corporate culture. For more information, visit:http://www.morningstar.com/InvGlossary/stewardship_grade.aspx and http://corporate.morningstar.com/us/documents/MethodologyDocuments/ResearchPapers/StewardshipStudy.pdf for more information.

5. (Largest Money Managers)The Pensions & Investments rankings are based on total worldwide assets as of December 31, 2015. Dodge & Cox assets under management as of that date were $259,474 million. The Pensions & Investments2016 ranking was published on October 31, 2016. Please see http://www.pionline.com/specialreports/money-managers for more information.

6. (Institutional Investor)The 4th Annual Institutional Investor U.S. Investment Management Awards were held on 16 May 2013 and recognized U.S. money managers in more than 35 asset classes who stood out in the eyes of theinvestor community for their performance, risk management, and service. Dodge & Cox was also the Large Cap Value Equity award winner in 2012 and the Value Equity award winner in 2011. Please seehttp://www.usinvestmentawards.com/default.php for more information.

7. (InvestmentEurope)The 2014-15 InvestmentEurope Fund Manager of the Year Awards were held on 5 November and recognized the achievements of fund managers whose funds are available for sale across Continental Europe. Theaward is based on both quantitative and qualitative methodology. Please see http://www.investmenteurope.net/event/fund-manager-year-awards-2014-15/awards-programme/ for more information.

8. (Global Investor/ISF)The Global Investor Investment Excellence Awards, now in its fifteenth year, recognises the achievements of asset managers and other investment industry participants. Each category is independently judged bya panel of six industry experts (comprising consultants, institutions and prominent journalists) who assess organisations on their performance, strategy and approach, and customer service. Winners wereannounced in London on 2 July 2015.. Please see http://www.globalinvestormagazine.com/Home/203180/Awards.html for more information.

Page 2 of 2


Biographical Sketches


Global Equity Investment CommitteeCharles F. Pohl (US,IE,G,F) – Chairman and Chief Investment Officer. Mr. Pohl received his B.A. degree in 1980 and his M.B.A. degree in 1981 from the University ofChicago. He was with Wells Fargo Investment Advisors from 1981 until joining Dodge & Cox in 1984. Mr. Pohl is Chairman and Trustee of the Dodge & Cox Funds.He is a Director and shareholder of the firm and a CFA charterholder.

Diana S. Strandberg (US,IE,G,GF) – Senior Vice President and Director of International Equity. Ms. Strandberg graduated from the University of California, Berkeley(Phi Beta Kappa) in 1981 and received her M.B.A. degree from the Harvard Business School in 1986. After two years as a securities analyst at the First BostonCorporation, she joined Dodge & Cox in 1988. Ms. Strandberg is a Senior Vice President of the Dodge & Cox Funds. She is a Director and shareholder of the firm anda CFA charterholder.

Steven C. Voorhis (US,G) – Vice President. Mr. Voorhis received his B.A. and M.A. degrees from Stanford University in 1992 and his M.B.A from the HarvardBusiness School in 1996. Prior to graduate school, he worked at Goldman Sachs as a financial analyst. He joined Dodge & Cox in 1996. Mr. Voorhis is a shareholder ofthe firm and a CFA charterholder.

Karol Marcin (G) – Vice President. Mr. Marcin received his B.A. (summa cum laude) from Whitman College in 1995 and his M.B.A. from the Stanford GraduateSchool of Business in 2000. Prior to entering graduate school, he worked for three years as a financial analyst with Salomon Brothers. Mr. Marcin joined Dodge & Coxin 2000. Mr. Marcin is a shareholder of the firm and a CFA charterholder.

Lily S. Beischer (G) – Vice President. Ms. Beischer received her B.A. degree (cum laude) from Yale University in 1992 and her M.B.A. and J.D. (cum laude) degreesfrom Harvard in 1998. Prior to graduate school, she worked for McKinsey & Company as a management consultant. Ms. Beischer joined Dodge & Cox in 1998, left thefirm to work at Looksmart, Inc. in 1999, and then rejoined Dodge & Cox in 2001. Ms. Beischer is a member of the State Bar of California Bar (inactive). She is ashareholder of the firm and a CFA charterholder.

Roger G. Kuo (IE,G) – Senior Vice President. Mr. Kuo received his B.A. degree (magna cum laude) from Harvard College in 1993 and his M.B.A. degree in 1998 fromHarvard Business School. Prior to graduate school, he worked at Bear Stearns as a financial analyst. He joined Dodge & Cox in 1998. Mr. Kuo is a Director andshareholder of the firm and a CFA charterholder.

Raymond J. Mertens (G) – Vice President. Mr. Mertens received his B.A. from Harvard College in 1994 and his M.B.A. from the Harvard Business School in 2003.Prior to graduate school, he worked at Idealab and as an Associate at TA Associates, and as an Investment Banking analyst at Alex. Brown. He joined Dodge & Cox in2003. Mr. Mertens is a shareholder of the firm and a CFA charterholder.

David C. Hoeft (US,G) – Senior Vice President and Associate Director of Research. Mr. Hoeft received his B.A. degree (Phi Beta Kappa) from the University of Chicagoin 1989 and his M.B.A. from the Harvard Business School in 1993. Prior to entering graduate school, he worked for two years as a consultant to the energy industry. Hejoined Dodge & Cox in 1993. He is a Director and shareholder of the firm and a CFA charterholder.

E-381-042017-100611 |

US = Member of U.S. Equity Investment Committee IE = Member of International Equity Investment Committee G = Member of Global Equity Investment CommitteeF = Member of U.S. Fixed Income Investment Committee GF = Member of Global Fixed Income Investment Committee P = Member of Private Client Investment Committee


London OfficeChristophe Y. Orly – Client Relationship Manager & Managing Director, Dodge & Cox Worldwide Investments Ltd. Mr. Orly received his Master of Science in IndustrialRelations from The London School of Economics in 1987, and his Master in Business Administration from The Wharton School at the University of Pennsylvania in1992. He joined Dodge and Cox in 2017. Most recently, he was an Investment Strategist and Managing Director at Wellington Management; having previously workedat Morgan Stanley Investment Management, Lombard Odier & Cie, and The Boston Consulting Group. He is a CFA charterholder.

Bartholomew S. B. Peterkin – Mr. Peterkin received his B.A degree in Economic and Social History from Leicester University in 1998. He joined Dodge & Cox in2013. His previous experience includes 15 years working with institutional investors and consultants at Schroders, AXA Rosenberg, and Barclays Capital.

James P. W. Rushmere – Mr. Rushmere received his B.A. degree in Business Economics from Oxford Brookes University in 2005. He joined Dodge & Cox in2013. His previous experience includes 10 years working with institutional investors and their advisers at Henderson Global Investors, New Star Asset Management,and Old Mutual International. James has worked extensively with investors across the UK, South Africa, and the Middle East.

Chloe A. Wilson – Ms. Wilson received her B.Sc. from the University of Plymouth in 1996. She joined Dodge & Cox in 2011. She has 11 years investmentexperience having previously worked at Citi Investment Bank and The Bank of New York Mellon, where she focused on trading and investment management.

Laurence V. Reeves – Ms. Reeves received her B.B.A. degree from HEC Montreal in 2004 and her M.B.A. degree (cum laude) from McGill in 2012. After threeyears as an Investment Banking Associate at Bank of America Merrill Lynch and two years as an Associate Director for BDC Capital, she joined Dodge & Cox in 2016.


Source Citations

E-12823-022717-010317 |

BloombergBloomberg Barclays U.S. Aggregate Index: The Bloomberg Barclays U.S.Aggregate Bond Index is a widely recognized, unmanaged index of U.S. dollar-denominated, investment-grade, taxable fixed income securities.Bloomberg Barclays Global Aggregate Index: The Bloomberg Barclays GlobalAggregate Bond Index is a widely recognized, unmanaged index of multi-currency, investment-grade fixed income securities.POINT is a portfolio analytics platform.Bloomberg® and POINT® are registered trademarks of Bloomberg Finance L.P.and its affiliates. Barclays® is a registered trademark of Barclays Bank PLC.

GICSThe Global Industry Classification Standard (“GICS”) classifies securities intoasset classes by assigning each company—based on its principal businessactivity—to a sub-industry, industry, industry group, and sector. GICS wasdeveloped by and is the exclusive property and a service mark of MSCI Inc.(“MSCI’’) and Standard & Poor’s, a division of The McGraw-Hill Companies,Inc. (“S&P”) and is licensed for use by Dodge & Cox. Neither MSCI, S&P norany other party involved in making or compiling the GICS or any GICSclassifications makes any express or implied warranties or representations withrespect to such standard or classification (or the results to be obtained by the usethereof), and all such parties hereby expressly disclaim all warranties oforiginality, accuracy, completeness, merchantability and fitness for a particularpurpose with respect to any of such standard or classification. Without limitingany of the foregoing, in no event shall MSCI, S&P, any of their affiliates or anythird party involved in making or compiling the GICS or any GICSclassifications have any liability for any direct, indirect, special, punitive,consequential or any other damages (including lost profits) even if notified of thepossibility of such damages.

RussellRussell 1000 Value Index: The Russell 1000 Value Index is a broad-based,unmanaged equity market index composed of those Russell 1000 companies withlower price-to-book ratios and lower forecasted growth values.Russell 1000® is a trademark of Frank Russell Company.

Standard & Poor’sS&P 500: The S&P 500 Index is a market capitalization-weighted index of 500large-capitalization stocks commonly used to represent the U.S. equity market.S&P 500® is a trademark of S&P Global Inc.

MSCIMSCI EAFE: The MSCI EAFE (Europe, Australasia, Far East) Index is abroad-based, unmanaged equity market index aggregated from 22 developedmarket country indices, excluding the United States.MSCI World: The MSCI World Index is a broad-based, unmanaged equitymarket index aggregated from 24 developed market country indices, includingthe United States.MSCI ACWI: The MSCI ACWI (All Country World Index) Index is a broad-based, unmanaged equity market index aggregated from 45 developed andemerging market country indices.MSCI ACWI ex USA: The MSCI ACWI (All Country World Index) ex USAIndex is a broad-based, unmanaged equity market index aggregated from 44developed and emerging market country indices, excluding the United States.The MSCI information in this presentation may only be used for your internaluse, may not be reproduced or redisseminated in any form and may not be usedas a basis for or a component of any financial instruments or products orindices. None of the MSCI information is intended to constitute investmentadvice or a recommendation to make (or refrain from making) any kind ofinvestment decision and may not be relied on as such. Historical data andanalysis should not be taken as an indication or guarantee of any futureperformance analysis, forecast or prediction. The MSCI information is providedon an “as is” basis and the user of this information assumes the entire risk of anyuse made of this information. MSCI, each of its affiliates and each other personinvolved in or related to compiling, computing or creating any MSCIinformation (collectively, the “MSCI Parties”) expressly disclaims all warranties(including, without limitation, any warranties of originality, accuracy,completeness, timeliness, non-infringement, merchantability and fitness for aparticular purpose) with respect to this information. Without limiting any ofthe foregoing, in no event shall any MSCI Party have any liability for anydirect, indirect, special, incidental, punitive, consequential (including, withoutlimitation, lost profits) or any other damages. (www.msci.com)MSCI,

® EAFE,® and ACWI® are trademarks of MSCI, Inc.


Exhibits in this presentation with the header “This exhibit presents performance and/or characteristics of a related U.S.-domiciled fund” contain information regarding one or more series of the Dodge & Cox Funds, a U.S. registered investment company. The information does not, and is not intended to, represent performance or characteristics of any sub-fund of Dodge & Cox WorldwideFunds, and is not intended as a forecast or guarantee of future results for Dodge & Cox Worldwide Funds.

While the Dodge & Cox Worldwide Funds about which you have inquired are managed in the same style and by the same portfolio management teams as the U.S.-domiciled Dodge & Cox Funds, you should note that the performance information presented for the U.S.-domiciled Dodge & Cox Funds is measured in U.S. dollars and does not reflect advisory fees and other expenses for the Dodge & Cox Worldwide Funds. These differences in fees—as well as differences in shareholder flows, applicable regulations, and other factors that affect the management of a fund—will cause the Dodge & Cox Funds and Dodge & Cox Worldwide Funds to have different performance and characteristics.

E-9578-051414-092811 |

Exhibits Presenting Performance and/or Characteristics of the U.S.-Domiciled Dodge & Cox Funds


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